Capital Bancorp Inc
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
Capital Bancorp, Inc. and SubsidiariesConsolidated Statements of Cash Flows (unaudited)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net income | $23,439 | $26,841 |
| Adjustments to reconcile net income to net cash (used for) provided by operating activities: | ||
| Provision for credit losses | 9,892 | 6,802 |
| Provision for credit losses on unfunded commitments | 263 | 5 |
| (Release of) provision for mortgage put-back reserve, net | (53) | 12 |
| Net amortization on investments | 53 | 82 |
| Premises and equipment depreciation | 246 | 235 |
| Lease asset (accretion) amortization | (997) | 396 |
| Increase in cash surrender value of BOLI | (1,068) | (791) |
| Executive long-term incentive plan expense | 428 | 297 |
| Stock-based compensation expense | 1,422 | 1,317 |
| Director and employee compensation paid in Company stock | 523 | 535 |
| Deferred income tax benefit | (31) | (76) |
| Valuation allowance on derivatives | 9 | 8 |
| (Decrease) increase in valuation of loans held for sale carried at fair value | (32) | 6 |
| Proceeds from sales of loans held for sale | 161,320 | 144,871 |
| Originations of loans held for sale | (173,361) | (142,304) |
| Changes in assets and liabilities: | ||
| Accrued interest receivable | (974) | (1,742) |
| Taxes payable | (329) | 450 |
| Accounts receivable | 458 | (231) |
| Other assets | (16,009) | (550) |
| Accrued interest payable | 2,920 | 4,173 |
| Other liabilities | 903 | 889 |
| Net cash provided by operating activities | 9,022 | 41,225 |
| Cash flows from investing activities | ||
| Purchases of securities available-for-sale | (33,130) | — |
| Proceeds from calls and maturities of securities available-for-sale | 38,730 | 45,461 |
| Net (purchases) sales of restricted investments | (1,542) | 3,022 |
| Net increase in portfolio loans receivable | (210,811) | (137,636) |
| Net purchases of premises and equipment | (139) | (2,542) |
| Net cash used in investing activities | (206,892) | (91,695) |
See accompanying Notes to Unaudited Consolidated Financial Statements
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Capital Bancorp, Inc. and SubsidiariesConsolidated Statements of Cash Flows (unaudited) (continued)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from financing activities | ||
| Net increase (decrease) in: | ||
| Noninterest-bearing deposits | 100,747 | 6,490 |
| Interest-bearing deposits | 189,481 | 203,426 |
| Federal Home Loan Bank advances (repayments) | 30,000 | (85,000) |
| Other borrowed funds | (15,000) | — |
| Dividends paid | (3,618) | (2,808) |
| Repurchase of common stock | (1,399) | (6,936) |
| Net proceeds from exercise of stock options | 395 | 1,035 |
| Net cash provided by financing activities | 300,606 | 116,207 |
| Net increase in cash and cash equivalents | 102,736 | 65,737 |
| Cash and cash equivalents, beginning of year | $53,964 | 80,415 |
| Cash and cash equivalents, end of period | $156,700 | $146,152 |
| Noncash investing and financing activities: | ||
| Change in unrealized gains (losses) on investments | $6,024 | $(883) |
| Cash paid during the period for: | ||
| Taxes | $71 | $7,704 |
| Interest | $38,255 | $25,427 |
See accompanying Notes to Unaudited Consolidated Financial Statements
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